One Account rates cut

leoleo73

Nationwide have just withdrawn their SVR mortgage and according to their spokesman "We were one of the very few lenders still allowing direct access to a mortgage on our SVR".

Nationwide's SVR was 4.69% with a guarantee to be no more than 2% above the base rate (although it no longer says this on their website, it does on my mortgage offer received 50 minutes ago). Therefore is likely to be below 4.5% from 1st January. It was full flexable (albeit with a 5 day wait to withdraw overpayments).

By delaying their announcement, RBS will have denied some people the option to move elsewhere. It is not only people with small/no deposits which are in danger of being stuck with the mortgage now. Fixed rates are no alternative to the One Account, being inflexible.

If you have equity in your house then it may be worth looking to see what SVR mortgages are still on offer and reserving one without delay.

(I apologise for not being able to bring your attention that they were withdrawing their SVR before they actually did so, but as it was I literally only got to Nationwide with seconds to spare as it was).

madhatter4WFN49

I've been looking at this thread for 2 weeks now as I too am very annoyed with the one account. I have contacted them several times via the live link with all the aforementioned standard replies. I will be leaving RBS as soon as possible irrespective of whether they cut their rates or not. I will join the email action of 1st Dec. Good luck everyone apart from RBS.

Digsy00

Fortunately I did tell people about this as I have moved my mortgage to them on this rate too.

Cheers

leoleo73 wrote: »

Nationwide have just withdrawn their SVR mortgage and according to their spokesman "We were one of the very few lenders still allowing direct access to a mortgage on our SVR".

Nationwide's SVR was 4.69% with a guarantee to be no more than 2% above the base rate (although it no longer says this on their website, it does on my mortgage offer received 50 minutes ago). Therefore is likely to be below 4.5% from 1st January. It was full flexable (albeit with a 5 day wait to withdraw overpayments).

By delaying their announcement, RBS will have denied some people the option to move elsewhere. It is not only people with small/no deposits which are in danger of being stuck with the mortgage now. Fixed rates are no alternative to the One Account, being inflexible.

If you have equity in your house then it may be worth looking to see what SVR mortgages are still on offer and reserving one without delay.

(I apologise for not being able to bring your attention to this earler, but as it was I literally only got to Nationwide with seconds to spare as it was).

Lovetheoneaccount

Digsy00 wrote: »

Fortunately I did tell people about this as I have moved my mortgage to them on this rate too.

Cheers

I have been watching this and cannot stop myself contributing any longer.

If you don't like it that much leave

Stop assuming the rate won't come down and spreading false truths like 'they refuse to pass the rate' on as oer the e-mail campaign

I know it is taking way to long but this is a great account - we all know this and that's why we have one

Lets hope we all here something soon

Yorkshire_Bred

Lovetheoneaccount wrote: »

I have been watching this and cannot stop myself contributing any longer.

If you don't like it that much leave

Stop assuming the rate won't come down and spreading false truths like 'they refuse to pass the rate' on as oer the e-mail campaign

I know it is taking way to long but this is a great account - we all know this and that's why we have one

Lets hope we all here something soon

Well maybe we should all sit by and be grateful for what they may eventually give us...........:rolleyes:

apap

Lovetheoneaccount wrote: »

I have been watching this and cannot stop myself contributing any longer.

If you don't like it that much leave

Stop assuming the rate won't come down and spreading false truths like 'they refuse to pass the rate' on as oer the e-mail campaign

I know it is taking way to long but this is a great account - we all know this and that's why we have one

Lets hope we all here something soon

and what is your position at oneaccount?

taurusgb

From the online edition of the daily mail today:-

Kevin Mountford, head of savings at moneysupermarket.com, said: 'Savers are feeling the brunt of the political pressure being applied to mortgage lenders.'
RBS NatWest, which is now 58 per cent owned by the taxpayer, is one of the biggest culprits. Along with Nationwide it has lopped 1.6 points off accounts needing up to 90 days' notice of withdrawals.
Chelsea Building Society has gone further, cutting up to 1.65 per cent on accounts needing up to 40 days' notice.
Among the major players, RBS, HSBC and Nationwide Building Society have announced new rates. Halifax, Abbey, Barclays and Lloyds TSB are due to announce new deals on Monday.
From Monday savers in Royal Bank of Scotland 60-Day ISA, will earn 1.5 per cent on balances of £5,000 - or £75 a year.
But if they move the money now to earn a better rate they face a £12 charge - equal to one-sixth of their income.

So they do have some extra money to play with then?????

Lovetheoneaccount

apap wrote: »

and what is your position at oneaccount?

A happy customer!

Yes I am annoyed at phoning constantly and hearing nothing, but whipping people up into a frenzy on here is not constructive

Assume you are not happy and have managed to leave since the reduction in base rate?!

Digsy00

Glad you've decided to join in.

Seeing as you decided to quote me, I think I should respond.

I don't like it and I have left.
I am not assuming the rate won't come down. Please can you show me where I've been spreading false truths (whatever that means).

Lovetheoneaccount wrote: »

I have been watching this and cannot stop myself contributing any longer.

If you don't like it that much leave

Stop assuming the rate won't come down and spreading false truths like 'they refuse to pass the rate' on as oer the e-mail campaign

I know it is taking way to long but this is a great account - we all know this and that's why we have one

Lets hope we all here something soon

Lovetheoneaccount

Digsy

I was actually quoting you in the positive and using you as a good example of leaving if you are not happy

No offence meant